Odfjell Drilling Ltd. · OSL:ODL
Odfjell Drilling — Investor Presentation (September 2025)
29 slides from Odfjell Drilling's investor presentation, Sep 12, 2025
Slide 1: Investor Presentation September 2025
Investor Presentation September 2025 12.09.2025
Slide 2: Important Information
INTRODUCTION Important Information By reading this company presentation dated September 2025 (the forward-looking statements reflect the Company's beliefs, intentions and “Presentation”), or attending any meeting or presentation held in relation current expectations concerning, among other things, t
Slide 3: Harsh environment market leader; fully sold-out fleet; balanced market; dividends
Harsh environment Fully sold-out fleet, Supply and demand well Dividend paying whilst market leader favoured by key clients balanced deleveraging
Slide 4: Rigs, People, Culture
OUR BUSINESS Rigs, People, Culture Owned fleet Powered by our People EMPLOYEES Over 1,600 DEEPSEA ABERDEEN DEEPSEA ATLANTIC DEEPSEA NORDKAPP DEEPSEA STAVANGER 2014 2009 2019 2010 Tier 1, Dual Drilling Capability Tier 1, Dual Drilling Capability Tier 1, 1.75x Drilling Capability Tier 1, Dual Drilling
Slide 5: Solid performance benefitting shareholders
OUR BUSINESS Solid performance benefitting shareholders Increasing Dividends for Shareholders Latest Results 50 Q2 EBITDA LTM EBITDA 45 3x 40 USD 108m USD 384m 35 USD Million 30 25 Q2 DIVIDEND PER SHARE ANNUALISED YIELD 20 15 USD 0.18 10% 10 5 Available Liquidity 0 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025
Slide 6: Harsh environment market leader
Harsh environment market leader
Slide 7: The World's Most Flexible Drilling Units
OUR FLEET The World's Most Flexible Drilling Units Own Fleet External Fleet Deepsea Aberdeen Deepsea Nordkapp Deepsea Bollsta Deepsea Mira Breidablikk Development Various Projects, Norway Norway Namibia Deepsea Atlantic Deepsea Stavanger Hercules Deepsea Yantai Various Projects, Norway Yggdrasil Dev
Slide 8: Superior Well Operations and Efficiency
OUR STRATEGY Superior Well Operations and Efficiency Normalised well delivery time (days) Total Wells Completed in Norway (2022 – Current) 180 100% 160 140 Peer 1 +32% 120 No of Wells 100 80 Peer 2 +45% 60 40 20 Peer 3 +50% 0 Odfjell Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Focused on Operational Excellen
Slide 9: Creating Value Through Exceptional Performance
OUR STRATEGY Creating Value Through Exceptional Performance Financial Utilisation 2016 - current 100% 90% 80% 70% 9-year average Financial Utilisation of 97% 60% 50% 40% 30% 20% 10% 0% Q3 Q2 Q2 Q3 Q4 Q2 Q3 Q4 Q2 Q4 Q2 Q3 Q4 Q2 Q3 Q4 Q2 Q3 Q4 Q2 Q3 Q4 Q3 Q4 Q2 Q3 Q4 Q2 Q1 2016 Q1 2017 Q1 2018 Q1 2019
Slide 10: Fully sold-out fleet, favoured by key clients
Fully sold-out fleet, favoured by key clients
Slide 11: Consistently Solid Contract Backlog Coverage
ODFJELL DRILLING Consistently Solid Contract Backlog Coverage Contract Unpriced Options Priced Option 18 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Deepsea Atlantic (6G, UDW, HE) Built in 2009 Deepsea Aberdeen (6G, UDW, HE) Built in 2014 Deepsea Stavanger (6G, UDW, HE) Built in 2010
Slide 12: Increasing Revenue Secured
GROW TH Increasing Revenue Secured 800 USD 666m 700 Completed work USD 600m USD 90m 600 Day rate and Opex - USDk Per day Firm Contract USD 494m 471 473 472 500 USD 450m 469 436 440 417 397 Priced Options 357 369 400 321 332 332 329 314 314 USD 593m 300 Average Day Rate per Rig 200 Indicative Opex 10
Slide 13: Supply and demand well balanced
Supply and demand well balanced
Slide 14: Massive Industrial Undertaking to Maintain Production
DEMAND “Massive Industrial Undertaking to Maintain Production” Reserves Resources in fields Resources in discoveries Undiscovered resources 250 200 Million Sm³ o.e. per year 150 100 50 0 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Production Will Reduce Without Significantly More Drilling Sour
Slide 15: More Drilling Required to Arrest Production Declines
DEMAND More Drilling Required to Arrest Production Declines PRODUCTION AMBITION DRILLING AMBITION 175 exploration wells up to 2030 Reach, 1.2MMboe, the same level as 2020 75 field developments 10-15 Exploration wells per year Maintain production above 500 kboe per day Focus on tie-backs being built
Slide 16: Harsh Environment Semi Market is Tightening
DEMAND Harsh Environment Semi Market is Tightening Demand increasing whilst supply reduced 45 40 35 30 5 25 5 1 1 2 4 20 3 4 6 2 6 6 2 1 1 3 4 4 15 4 5 5 10 16 15 16 16 16 13 14 12 12 5 0 2020 2021 2022 2023 2024 2025 2026 2027 2028 Norway UK Canada Other Supply Supply likely to reduce further 16 So
Slide 17: Dividend paying whilst deleveraging
Dividend paying whilst deleveraging
Slide 18: Returning Capital Whilst Deleveraging
DIVIDEND Returning Capital Whilst Deleveraging Net Debt vs Total Dividend Dividend criteria 800 LEVERAGE RATIO 700 Net Debt TOTAL CASH POSITION 600 Total Dividend 500 OTHER COVENANTS 400 12-MONTHS CASH FORECAST 300 CONTRACT BACKLOG 197 200 154 116 86 MARKET POSITION 100 71 57 43 28 14 0 Q1 Q2 Q3 Q4
Slide 19: Appendix
We are Competent Safety conscious Appendix Result oriented Creative Committed 12.09.2025
Slide 20: Harsh Environment Market
OUR MARKET Harsh Environment Market Saipem, 1 40 Odfjell COSL, 4 35 Drilling, 6 -15 30 20 Transocean, 4 25 -4 20 39 -5 15 8 10 17 15 15 5 11 0 Tier 3 Tier 2 Tier 1 Total HE Floaters Incapable of Deployed Significant Norway Eligible 2025 Demand 2026 Demand Norwegian work Overseas Upgrades Fleet Requi
Slide 21: Q2 Financial Results
FINANCIAL RESULTS Q2 Financial Results Revenue (USDm) EBITDA (USDm) Net Profit (USDm) 219 42 203 203 100 108 190 186 93 47 85 9 45 40 83 7 31 45 42 9 171 7 7 158 163 145 144 19 16 95 101 15 80 77 87 Q2 Q3 Q4 Q1 2025 Q2 Q2 Q3 Q4 Q1 2025 Q2 Q2 Q3 Q4 Q1 2025 Q2 384 107 811 361 81 75 73 785 65 775 345 7
Slide 22: Q2 Financial Results Continued
FINANCIAL RESULTS Q2 Financial Results Continued Net debt (USDm) and Leverage Ratio Total Assets (USDbn) and Equity Ratio Available Liquidity (USDm) 2.2 2.2 2.2 2.2 2.2 241 226 227 217 TOTAL 544 217 532 504 475 458 64% 64% 115 109 99 139 113 UNDRAWN 63% 63% RCF 1.8 1.7 1.6 62% 1.4 1.3 111 118 118 10
Slide 23: No significant debt maturities until 2028
INSTALMENT PROFILE No significant debt maturities until 2028 Robust balance sheet with flexibility • No significant debt maturities until 2028 • Capital structure allows for significant flexibility to achieve our long-term strategic goals Balance Sheet Strategy • Maintain prudent debt level, with ne
Slide 24: Debt Facilities Overview
DEBT FACILITIES Debt Facilities Overview st Instrument USD 390m senior secured 1 lien USD 197m senior secured term loan USD 175m senior secured revolving USD 125m senior secured bond (Aberdeen & Atlantic) facility (Nordkapp) credit facility (Stavanger RCF revolving credit facility (Stavanger tranche
Slide 25: Capital allocation strategy – summary
SUMMARY Capital allocation strategy – summary Financial Existing fleet Dividends Growth Robust balance sheet with Leading harsh-environment Increasing quarterly Evaluate accretive prudent leverage contractor distributions fleet expansion • Prudent debt level, with net • Disciplined investment in • C
Slide 26: Highly Experienced Management and Board Of Directors
MANAGEMENT AND BOARD Highly Experienced Management and Board Of Directors Highly experienced management Board of Directors Simen Lieungh, Chairman of the Board Kjetil Gjersdal, CEO Ørjan Lunde, CFO Mr. Lieungh (born 1960) was appointed as Chair of the Board in Mr. Gjersdal has been with Odfjell Dril
Slide 27: Emission reduction focus
SUSTAINABILITY Emission reduction focus Our focus is on enhancing our competitiveness, reputation, and long-term resilience, while also meeting the evolving expectations of stakeholders and regulators ✓ USD 50m invested in carbon-effiency projects across 7.00 14.0 the fleet 6.00 12.0 ✓ Hybrid Batter
Slide 28: Carbon storage – drilling test wells
CARBON STORAGE Carbon storage – drilling test wells Smeaheia Gamma Havstjerne & Alpha • Operator: Equinor • Operator: Harbour Energy • Rig: Deepsea Stavanger • Rig: Deepsea Nordkapp • Q1 2025 • 1H 2025 • 15 nm northeast of Troll • 60-70 days • Smeaheia Gamma: 70 days • Smeaheia Alpha: 65 days • Thir
Slide 29: For further information, please contact
For further information, please contact: James Crothers, Investor Relations Officer jchu@odfjelldrilling.com www.odfjelldrilling.com 29
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